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RAK Petroleum posts $5.5m profit in Q3

27 Oct 2010

(MENAFN) The Chief Executive Officer at RAK Petroleum said that the oil and gas exploration and production company has posted a net profit of $5.45 million for the quarter that ended September 30, its sixth consecutively profitable quarter, Gulf News reported.

For the first nine months of 2010, the company posted a net profit of $16.4 million compared with a profit of $8.06 million for the full year 2009.

The CEO noted that the company had recently acquired an additional 60 percent interest in the Saleh gas field in Ras Al Khaimah and would commence redevelopment operations in the fourth quarter.

The company also announced that the Zad 2 exploration well in Block 47, Sultanate of Oman, had spudded on October 9 and would take three months to drill to the target depth of 4,200 meters.

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